Indian Bank partners with OneCard to launch co-branded credit cards

This credit card offering is accompanied by a dedicated mobile application that empowers cardholders to manage various aspects of their transactions and financial affairs. The mobile app enables users to monitor real-time transactions, oversee expenses, convert payments into equated monthly instalments (EMIs), redeem rewards, handle repayments, devise monthly budgets, adjust credit limits, and facilitate payments. 

One notable feature of this international metal credit card is its provision for customised benefits, such as lifetime validity and the waiver of joining and annual fees. 

Representatives from Indian Bank emphasised the bank's commitment to leveraging technological advancements to provide customers with a seamless, digitally-centric experience. They explained that the bank is entering into partnerships with different fintechs to offer state-of-the-art technology to its customers. The goal is to implement innovation and technology into its offerings, be responsive to each customer’s unique needs through all channels of choice and provide value to the stakeholders. 

OneCard is a mobile-first metal credit card managed by FPL Technologies in collaboration with issuer banks. Officials from OneCard highlighted that this partnership aligns with the company's vision of enhancing the digital credit consumption experience through an app-powered platform.

Other developments from OneCard

In July 2022 OneCard became a unicorn following a new round of funding worth upwards of USD 100 million, bringing the company to a USD 1.4 billion valuation. 

Singapore’s Temasek led the startup’s Series D. Existing backers QED, Sequoia Capital India and Hummingbird Ventures were among those who participated in the new round. At the time, this funding round brought OneCard’s raise to over USD 225 million. 

OneCard operates a mobile-first credit card. Its cards, for which the startup partners with banks, come with no joining or annual fee and are intended to give customers more control and flexibility over how and where they transact. It offers a range of personalised rewards and loans to customers.

When it comes to data protection, according to OneCard, the company isIS0/IEC 27001:2013 and PCI-DSS V 3.2.1 certified and works on the principle of opt-in consent and full transparency. The company’s processes and technology implementations combined with regulatory compliance are how they access, store and use user data.